Top 8 Bankrupt Celebrities – Do you know them?

The economy has been tough on all of us and some of the rich and famous has fared no better than the rest of us. Do you know these celebrities that filed for bankruptcy over the years?

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Stan “the man” Lee

Did you see Spider-man 1,2,3,4, The Fantastic Four, The Incredible Hulk or any of the X-men movies? If you did you probably put money in the pocket of this man then he promptly mishandled it to the tune of millions. So in 2001 good Stan the creator of all our beloved superheroes filed for bankruptcy.

Donald Trump

Your Fired! The Donald is near the top of this list for being a two time filer of bankruptcy in the same decade no less. Now that’s business savvy. The 1st time Donald T went B-rupt was in 2004 when he had to give up control of Trump’s Atlantic City Hotel and Casino. He resurfaced sometimes later with the new name Trump Entertainment Resorts which tanked out in 2009. Now he is going for the hat trick as he has recently climbed back into the leadership chair of the corporation. Good Luck on the trifecta, I am putting my money on D Trump.

Stephen Baldwin

The Baldwin clan’s baby brother tried to make a comeback into the fame on game shows and reality television programs but, budgeting as a television star and budgeting as an average Joe still has the same formula; add debt and spending then subtract income. If income is not enough you end up in bankruptcy court, which is where Stephen and his wife ended up after losing their home in 2009.

Kim Bassinger

From walking down red carpets to strolling into courtrooms, Kim at one time owned an entire town but that was before her run in with a judge after being suited by a movie producer that she left holding the bag. The judge demanded that she pay the producer over $7.5 million dollars which she could not come up with. This led her to stroll into another courtroom to talk with another judge in bankruptcy court.

Burt Reynolds

An American icon the Bandit is responsible for hundreds of millions in box office receipts. But, if we go back to the formula above having over $9 million in debt and your ratio of income does not match your payback schedule and you are going to need more than a 1977 Pontiac Firebird Trans Am to out run the bankruptcy judge.

Larry King

Another radio and television icon that ran into serious cash flow problems in the late 1970s is filing for bankruptcy. Now his famous show on CNN has him back in the black.

Don Johnson

Crockett, Tubbs and that white 1984 Ferrari Testarossa you remember them or maybe you don’t that was a generation ago and maybe that is why Don had to sell that car to get cash to cover his debts after going bankrupt. He had to have hated that, because that was one sweet car.

Willie Nelson

Between tokes all the money went up in smoke and the tax man got Willie for over $15 million in back taxes. Good thing he does not change his clothes much or his hairdo.

From all the celebrities above, the one we should learn a lesson from is Donald Trump. When he was on the verge of his personal bankruptcy he continued to fight and he used all his negotiation and business skills to resolve millions of dollars of debt.

There is life after bankruptcy, however, only a few learn from the experience and bounce back. Larry King and Donald Trump are good examples of those who have learned. For ordinary citizens, picking up the pieces is possible.

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